Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Small business growth outpaces larger companies according to new research

by July 3, 2023
July 3, 2023
Small business growth outpaces larger companies according to new research

The number of small businesses in the UK is growing according to new research. This bucks a trend where the UK’s larger business population has plateaued in recent years.

Specifically, the number of micro businesses with 0-9 employees in the UK has grown every year in the last decade.

But small businesses need more support to boost UK economic growth argue Mastercard. Business leader and activist Mary Portas says it’s ‘one of the most challenging times to be a small business owner’ with action needed from government and industry to support UK entrepreneurs.

Medium and large businesses plateaued in 2022

Overall, the number of medium and large businesses in the UK plateaued in 2022. But the number of UK micro and small businesses grew to 1.4 million in 2022, up 31,000 y-o-y. Growth in medium and large businesses in the UK has yet to return to the highest levels seen in 2020.

The UK’s smallest businesses are the least optimistic about their future performance, compared to medium and large businesses. Only 23.9% of businesses with 10 or fewer employees expect their performance to increase in the next 12 months. Those with 10 to 49 employees were also pessimistic, with only a third (33.7%) expecting their performance to improve.

In comparison, 43% of businesses with between 100 and 249 employees were optimistic about their future. They expect their performance to increase in the next 12 months.

Of all sectors, retailers were one of the least likely to have registered a strong performance last year. Only 15.3% say they’d seen an increase in their performance in the year up to April 2023. This is despite being the sector employing the most people and having the largest turnover.

Mastercard’s UK&I President, Kelly Devine, who commissioned the research, said: “Small businesses are the UK’s economic powerhouse. They comprise nearly 99% of all businesses, half of all business turnover, and employ two thirds of the working population. There’s no shortage of entrepreneurial ambition in the UK, but it’s worrying that their optimism lags behind big businesses. If we’re to boost growth, it’s vital that big business and government support small companies with skills, funding and policy so they can reach their potential.”

Businesswoman and activist Mary Portas added: “Small businesses really are the lifeblood of our economy. They’re innovative, creative, resilient. And despite the fact it’s one of the most challenging times to be a small business owner, their numbers are growing. People’s desire and appetite for what they do has also never been greater.

‘Yes. We know it continues to be an unpredictable world right now. But when you’re small and nimble it’s an opportunity to out manoeuvre the bigger players. Small business owners never fail to inspire me with their desire to do better, learn and flex themselves in the ever-evolving landscape of today’s business.”

Read more:
Small business growth outpaces larger companies according to new research

0
FacebookTwitterGoogle +Pinterest
previous post
Women-owned small businesses to benefit from grants throughout FIFA Women’s World Cup
next post
LGBTQ small business owners struggle to find financing

You may also like

Number of UK homes installing rooftop solar panels...

April 27, 2023

What does the UK Government’s Energy Relief Scheme...

October 4, 2022

Jaguar Land Rover-owner Tata to build UK battery...

July 18, 2023

Innovate UK Launches £100 Million AI Fund for...

April 26, 2023

The Impact of the ULEZ Expansion on London’s...

August 13, 2023

Manchester chicken shop boss loses £12,000 in Tesla...

February 8, 2024

Small businesses warn of layoffs as new employment...

January 6, 2025

Doubts grow over  release of long-awaited HBOS scandal...

October 28, 2024

LGBTQ+ Business Trends: How the Lesbian Dating Industry...

March 25, 2025

One in four workers fear AI could cost...

April 28, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025
    • House witness flips script on Dem who ambushed him during hearing with unearthed tweet: ‘Iceberg is ahead’

      June 7, 2025
    • Call with China’s Xi, and Trump-Musk exchange fueled barbs during 20th week in office

      June 7, 2025
    • Trump’s conservative allies warn Congress faces critical ‘test’ with $9.4B spending cut proposal

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,568)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved